Warren Buffett Steps Down After 60 Years Leading Berkshire Hathaway, Son Takes Over

Warren Buffett has officially stepped down from his position as Chairman of Berkshire Hathaway after more than six decades of leading the company. The investor, famously known as the “Oracle of Omaha,” will now hold the title of Chairman Emeritus, while the chairmanship of the board of directors passes to his eldest son, Howard Buffett.

Berkshire Hathaway announced the change on Friday, 18 September 2026. The 96-year-old Warren Buffett will remain a member of the board of directors. Howard Buffett, 71, who has been a director at Berkshire since 1993, will now serve as non-executive chairman.

This transition is part of a succession process that has been underway for several years. Approximately nine months prior, Buffett handed over the CEO position to Greg Abel, who remains responsible for managing Berkshire Hathaway’s operations.

In a letter to shareholders, Buffett acknowledged that time had eventually forced him to reduce his role in the company he has led for decades. “Time eventually always wins. However, time has been generous to me. After more than 60 years, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next,” Buffett wrote, as quoted by VN Express on Saturday, 19 September 2026.

Buffett transformed Berkshire from a struggling New England textile company into a conglomerate valued at approximately US$1.1 trillion. The value-based investment philosophy he implemented has influenced many investors and corporate leaders across generations.

While now serving as chairman, Howard Buffett will not take on a role in the day-to-day management of Berkshire. His primary responsibility will be to preserve the corporate culture and values established by his father.

Berkshire CEO Greg Abel stated that this culture will remain a vital part of the company. “The culture built by Warren and the values he fought for will remain at the core of Berkshire, and Howard will be its guardian,” said Abel.

Howard himself previously shared his views on Berkshire’s culture, stating that the company must maintain simple principles in conducting its business.